The Real Estate Market Absorption Rate for Homes in Morris Plains is at 5 months.  This is a very good sign for sellers not so good for buyers. The excess inventory is getting absorbed. Homes that are correctly priced are selling and and at a brisk rate. Homes are still averaging about 95 percent to list price.

Here are some interesting statistics about Morris County Real Estate.

Homes Priced up to 300 have an Absorption Rate of 5.5 months. Homes priced from 300 to 500 thousand have an absorption rate of 6 months, while homes priced from 500 to 750 have an absorption rate of almost 8 months.  These absoption  rates although not what the Morris County Real Estate Market was a 4 or 5 years a go it does show a slight sellers market to a average market. 

However Homes from 750 to 1 million have an absorbtion rate of 14 months while homes priced from 1 million to 1.5 have a rate of about a year. Homes above 1.5 to 2.5 is just less the 3 years and homes above 2.5 is closer to 5 years of absorbtion rate.

This shows us that the market for low and mid priced housing has already started to see signs of recovery. While high priced markets still have a way to go.